Zuckerberg unfazed about $2.8B metaverse division loss in Q2

USD Coin Long-Term Technical Score of 23 Signals Bearish Pattern

USD Coin price is currently trading at $0.999137, down 0.2 percent in the last seven days, data from Coingecko show, Saturday.  USDC hit its all-time high three years ago or on May 8, 2019, at $1.17. The coin registered its all-time low last year on May 19, 2021, at $0.891848. It has a total of 55 billion coins in circulation and has a trading volume of $5,576,310,766.  Suggested Reading | Solana (SOL) To Hit $166 By 2025, Despite Current Bearish Conditions USD Coin Remains Bearish With LTT Score Of 23 The long-term technical score of USDC is now at 23 which gives away a weak and bearish standpoint based on its long-term trading movement. USDC trading volume is currently below the seven-day average seen in the last 24 hours or with a total trading volume of 6,391,817,313 as of Saturday. USD Coin currently has an active address count of 24,676. The moving averages noted in the 20-, 50-, 100-, and 200-hour moving averages have been inconsistent and there was no clear trend seen. More so, there is a marked choppiness in terms of price with the moving averages being crossed and has oscillated from 2,009 to 23,685 as seen in the past 29 weeks. USD Coin Value Remains Consistent USDC, a stablecoin founded by Centre Consortium, is fully backed and pegged to the US dollar and has a set value of $1 per coin. It’s considered a great investment and passive income stream for many crypto investors because the value doesn’t change regardless of the market volatility or economic state. Unlike other coins like Bitcoin, Ethereum, Dogecoin, Shiba Inu, and the like, with prices fluctuating wildly by the hour, the value of the USDC Coin remains consistent and predictable over time. USDC total market cap at $55.3 billion on the daily chart | Source: TradingView.com Every USD coin is also collateralized by the US dollar in a bank. This means every USDC has an equivalent US dollar in storage. A fresh new coin is created and backed in a separate bank account by demand. It is in fact the only stablecoin that is both crypto-collateralized and fiat-collateralized. Unlike Tether, USDC is completely backed by fiat assets which makes it extremely popular and widely accepted even by traditional investors who have risk aversions against the extreme volatility and uncertainty of most digital assets. Suggested Reading | Cardano (ADA), After 35% Spike, Locks On Next Target: $0.55 USDC provides stability to the very erratic state of cryptocurrencies. With US dollars in the blockchain, it provides quick USDC to USD conversions, peer-to-peer transactions, e-commerce, and payments done in minutes. Featured image from Freepik, chart from TradingView.com

Can Bitcoin Become “One Of The Best Assets On Earth”? This Expert Bets On It

The best risk-on asset in the past decade, Bitcoin, is in a process of transition. Senior Commodity Strategist for Bloomberg Intelligence, Mike McGlone, said in a recent interview with Kitco News’ “On The Spot”. Related Reading | Arthur Hayes Says Ethereum (ETH) Could Reach $10K Level By The End Of Year This process is painful as crypto investors can confirm but could take the benchmark crypto to new highs. In the past 6 months, the price of Bitcoin dropped from an all-time high of $69,000 to its current levels of around $30,000. In the short term, the pain has been more pronounced with Bitcoin recording 9 consecutive weeks in the red. McGlone believes the cryptocurrency and other risk-on assets are responding to the current macro-economic outlook. The crypto market has experienced some of the best performance in global markets. The rally in the nascent asset class usually corresponds to 4 years cycles with parabolic bull runs followed by multi-year bear markets. Many in the sector believe cryptocurrencies entered their bear phase or the “Crypto Winter”. The losses have been compounded by two factors: the beginning of economic tightening measures by the U.S. Federal Reserve, and the collapse of the Terra ecosystem. In that sense, McGlone argued that Bitcoin and other cryptocurrencies must face the biggest losses as they recorded the largest gains. This process is called “Mean Reversion” when an asset trends in a direction and then reverses to a “mean” price or bottom. On the latter, the Senior Commodity Strategist said it’s “hard” to calculate an exact price bottom. Bitcoin has been moving in tandem with the Nasdaq 100, and both recently hit their 100-week moving average when BTC’s price dropped to $30,000. McGlone claims the trends seem to hit at further losses, but Bitcoin should “come out ahead”. This potential rally will be driven by “institutional bids”, as BTC continues to be adopted by worldwide institutions, and because of the cryptocurrency’s “inelastic supply”. What Will Take Bitcoin To $100K Despite its recent growth, McGlone claims a small part of investment firms included BTC as part of their portfolio. This could change in the coming years, as Bitcoin becomes “global collateral” and begins a new ascent towards $100,000 by 2024. On BTC’s price future outlook and potential bottom, McGlone added: I think $30,000 is a very good support pivot in Bitcoin. It basically needs the equity to keep going down for it to push it lower. But what I sense it’s (BTC) pumping into good support and I fully expect, it could get to $20,000 but I doubt it does, within the next two years it’s going to get back to and get to $100,000. The current downtrend might be a good thing for some of the strongest projects in the crypto industry. This will help remove speculative assets and leave those projects with robust fundamentals. These projects could be able to continue getting market shares from traditional markets. As the expert said, the crypto market was only 0.5% of the market cap for global equities. Now it’s around 1%. In the coming years, as the economy becomes deflationary and equities trend lower, McGlone believes Bitcoin and Gold will be two of the best assets to hold. However, the precious metal could lose market share to the number one crypto. Related Reading | ARK Invest: Despite The 9 Red Candles, “Bitcoin’s Fundamentals Remain Strong” At the time of writing, BTC’s price trades at $29,700 with sideways movement in the last 24-hours.

The Metaverse Founders Club Wants To Unlock Cross-Metaverse Interoperability To Provide A Better User Experience

A growing interest in Web3 and metaverse development has created a schism. While there are many virtual experiences for users to explore, they all create gated communities. However, that will all change with the inception of the Metaverse Founders Club, a new project by Metametaverse and anitya.space. Unfracturing A Divided Virtual World There is no shortage of projects building their metaverse or virtual world with the help of blockchain technology. Various networks and layers offer the necessary tools for builders to begin creating their next-generation products or projects. However, there are many different worlds incapable of communicating with one another. It creates a long hallway of doors for players to explore, creating a less-than-ideal introduction to what the metaverse is all about. The Metaverse Founders Club aims to change that situation for the better. It is a collaborative project where founders of virtual worlds can come together to focus on cross-metaverse opportunities. The first example of such a cross-world effort is a virtual scavenger hunt, kicking off later in June. Participants will solve puzzles in one world to unlock access to the next metaverse, showcasing the potential when interoperability takes center stage. Metametaverse CEO Joel Dietz explains why collaboration is key in Web3 development: “You need dedicated people, honest people, hardworking people, folks with vision, and a willingness to adapt to the market conditions and work past regulatory barriers. So basically, it’s all a people problem in the end, and it is tricky to find all the attributes you want in a single person or team.” The Metaverse Founders Club will bring together teams from the many Web3 projects in development today or developed in the future. Its initial members represent projects like Metametaverse, Anitya.space, Space, Terra Virtual, GoDot, NFT Oasis, Spatial Web Foundation, and MetaverseTalks. More members are welcome if they are an executive or significant owner of a metaverse or related technology used to establish a private members area and/or puzzle as part of a virtual scavenger hunt. The Metaverse Founders Club Journey With the help of these eight initial members, the Metaverse Founders Club will promote interoperability between projects and virtual worlds. Doing so will, per Joel Dietz, help optimize the user experience for people entering the metaverse for the first time. If this technology is to gain mainstream traction, there needs to be a better user-oriented entryway to explore different worlds, rather than forcing people to be “on the right chain with the right wallet”.  Metametaverse CEO Joel Dietz states: “Who wants to wake up in a metaverse future dominated by a few corporations? We envision this club to be a space for an optimist and collaborative  future where we hopefully together are able to build critical infrastructure to make sure the metaverse stays open, accessible and playful.” The initial Founders Club members will come together every quarter and have a monthly consortium. All initial rules – called bylaws – can be updated during the consortium, with proposals submitted and voted on three days before the meeting. The team will shift the focus to the upcoming scavenger hunt across virtual worlds and other cross-world games to enhance the appeal of Web3 development.